Bloodbath at Macy's: Stores see 'massive bleeding off of traffic and customers'

[Sanguine]

The department store Macy's is fighting for its survival following another dismal quarter.

Macy’s on Wednesday announced disappointing second-quarter results and lowered its outlook for the rest of the year, sending shares plunging. The results weighed heavily on retailers across the board.

“Rising inventory levels became a challenge based on a combination of factors: a fashion miss in our key women’s sportswear private brands, slow sell-through of warm weather apparel and the accelerated decline in international tourism,” Macy’s Chairman and CEO Jeff Gennette said in the earnings release....

https://start.att.net/news/read/article/fox_news-bloodbath_at_macys_stores_see_massive_bleeding_off-rfoxnews/category/finance

[rustynail]

It is getting too dangerous to go to the mall because of 'youths'.

[Applewood]

I think much of Macy's problem is that it's upscale, or perceived to be.  Years ago, Macy's took over a longtime local chain in Western PA called Kaufman's.  The flagship Kaufman's in Downtown Pittsburgh was the typical old fashioned department store common around here.  It had everything in varying price ranges from a bargain basement to high end departments.   A number of former Kaufman's customers tried out Macy's thinking it would be the same as Kaufman's, but they decided Macy's was too expensive. 

Today, the chain has closed several of the stores in these parts including the downtown store and I expect the rest will be gone soon.